The 43-year-old co-founder and CEO of Twitter, and the founder and CEO of Square, is donating in the form of his equity in Square.

Jack, who has a net worth of around $3.3 billion according to Forbes, made the announcement on Tuesday (April 7) on Twitter.

He explained that the $1 billion is 28 percent of his net wealth and that the funds will be distributed via the Start Small Foundation.

“Why now? The needs are increasingly urgent, and I want to see the impact in my lifetime,” he tweeted. “I hope this inspires others to do something similar. Life is too short, so let’s do everything we can today to help people now.”

He added that “after we disarm this pandemic,” the fund’s focus will change to support girl’s health and education as well as universal basic income.

“I believe they represent the best long-term solutions to the existential problems facing the world,” Jackcontinued. “UBI is a great idea needing experimentation. Girl’s health and education is critical to balance.”

Jack Dorseysaid that he is utilizing his Square holdings because “I own a lot more Square” and that he’ll need to “pace the sales over some time. The impact this money will have should benefit both companies over the long-term because it’s helping the people we want to serve.”

I’m moving $1B of my Square equity (~28% of my wealth) to #startsmall LLC to fund global COVID-19 relief. After we disarm this pandemic, the focus will shift to girl’s health and education, and UBI. It will operate transparently, all flows tracked here: https://t.co/hVkUczDQmz